request for proposal - idbi capital2013. 11. 1. · online trading engine , back-office software...

[Type text]

Request for proposal

For

Online Trading Engine , Back-Office Software & Allied

Products / Modules

By,

IDBI Capital Market Services Ltd.,

3rd Floor, Mafatlal Centre,

Nariman Point,

Mumbai 400021

[Type text]

PURPOSE OF THE DOCUMENT

This document is aimed at Requesting for Proposals (RFP) from vendors for the following

applications,

1. Trading Engine Application enabling the company to provide feature rich

secondary market trading facilities (equity, debt, derivatives, commodities and

other segments) to retail clients / dealers. This is expected to include (but not

restricted to) web client logins, mobile phone based applications, dealer logins

and desk top based applications etc.

2. Integration of multiple DP and funds payment gateways for facilitation of trading

/ investments in various asset segments including secondary markets.

3. Provide DMA (Direct Market Access) terminals to institutional clients vide

integration with some well known DMA facilitator applications.

4. Hosting of related IT infrastructure and setting up a near DR for the trading set

up.

5. Back Office application to integrate with and support the front end application for

secondary marketing trading for retail and institutional clients.

6. Application to manage DP operations and management, effectively integrated

with the BO and trading engine application.

7. In addition to the access to exchange trading, provide integrated online access to

secondary and primary market MF, IPO, Bonds, NCD mobilization efforts.

Please note that the features / facilities sought are indicative and not limited to the ones

mentioned in this document. IDBI Capital Market Services Ltd. (hence forward referred to

as “the Company”) is open to solutions offering more features / products with newer /

better technology to improve vertical and horizontal scalability. The vendors are required

to guarantee a solution support including AMC and other technical support for a

minimum of 5 years from the go live date. Support would interalia entail modifications

for regulatory reasons, development of new features and other support to maintain and

improve performance, competitiveness.

The process will involve submission of technical and commercial bids to be followed by

rounds of detailed discussions with short listed candidates on the features / facilities and

other parameters including the implementation phases, expected duration for

implementation, post sales support, commercials etc.

[Type text]

POINTS TO NOTE

Note 1: The information / details / documents / provided by the Vendor in response to this

Request For Proposal (RFP) will become the property of IDBI Capital Market Services

Ltd. ( “the Company”).

Note 2: The Company reserves the right to amend, rescind, modify or reissue this RFP and all

amendments will be advised to the vendor(s) vide an email and such amendments

will be binding upon them. The company also reserves the right to accept, reject or

cancel any or all responses to this RFP without assigning any reason whatsoever.

Note 3: All proposals received after the set timelines will be treated an ineligible.

Note 4: Commercial Bids will be compared and evaluated based on the technical bids

received and the technical features being offered by the vendors.

Note 5: In case the Company opts not to migrate to some of the new applications for which

the RFP is issued, the new applications being procured (if any) vide this RFP will

need to be integrated with the existing applications being used by the Company.

Note 6: The trading engine solution is expected to be integrated with multiple funds and DP

payment gateways for real time transfer / lien as well as the existing Back office and

AML application being used by IDBI Capital Market Services Ltd. The details of the

Back office application deployed at the company will be provided to the vendors at

their request.

Note 7: The Company reserves the rights to negotiate the terms and conditions with vendors

offering best features, support / lowest price.

Note 8: The Company reserves the right to cancel the entire RFP process at any point of time

without assigning any reason whatsoever and restart the same at a later point of

time.

[Type text]

Bidding timelines

1. Last date and time for submission of Bid documents

November 11, 2013 (16:00 P.M)

3. Date and Time of Opening of Technical and Commercial Bids.

a. Technical Bid: November 12, 2013 (3:00 P.M) b. Commercial Bid opening November 25, 2013 (3:00 P.M)

4. Place of Opening of bids IDBI Capital Market Services Ltd., 3rd Floor, Mafatlal Centre, Nariman Point, Mumbai 400101.

5. Address for communication Contact Person

IDBI Capital Market Services Ltd., 3rd Floor, Mafatlal Centre, Nariman Point, Mumbai 400101. Prasad Chitnis

Please note that the timelines have been modified as per the table given below,

New Timelines

Event Present Modified

Last date of submission of bids by

Vendors November 11, 2013 Monday –

16.00 hrs November 20, 2013 Wednesday

16.00 hrs

Opening of Technical bids November 12, 2013 Tuesday

15.00 hrs November 21, 2013 Thursday

15.00 hrs

Opening of Commercial Bids November 25, 2013 Monday

15.00 hrs December 5, 2013 Thursday 15.00

hrs

All Bids should be marked “Bid For Trading Engine / Back-office”

[Type text]

ELIGIBILITY CRITERIA FOR VENDORS:

The bidder is expected to fulfill following eligibility criteria amongst others:

1. A bidder (Vendor) can submit only one proposal as a primary bidder. In case of a

joint bid, the proposal should clearly indicate the name, roles and responsibilities

of the primary and secondary bidder(s).

2. All the members of the consortium need to fulfill the eligibility criteria set out in the RFP.

3. Vendor should have at least two clients with whom the solution offered has been

successfully operational for at least a year, with a minimum of 1000 concurrent

users.

4. The Vendor Company should be in existence for a minimum of five years and should have a minimum networth of Rs. 20 cr., minimum annual turnover of Rs. 60 cr. in the previous Financial Year. All vendors are requested to furnish Current networth certificates and certified financials for the last 3 financial years. The networth certificate and the financials should be duly certified by a Chartered Accountant.

5. Project Management team assigned for implementation should have experience

of at least two end to end implementations of the solution being offered.

6. The vendor is required to have a strong technical support team at Mumbai where

our operations will be located.

[Type text]

PROPOSAL RESPONSES

Vendors should ensure that their proposal clearly sets out all the information requested

in various sections, especially the details of features and facilities on the client end

including products granting better leverages and client convenience should be listed and

explained in detail. The proposal should be divided into numbered sections as specified

below. The vendors may be called upon to explain in detail the points / features

mentioned in their responses.

The information sought in respect of the management should be clear and factual; any

mis-representations may lead to disqualification at any stage without any obligations on

part of IDBI Capital Market Services Ltd.

Vendors must provide specific and factual replies to questions. Vendors are at freedom

to provide additional technical information relating to their proposals vide a separate

annexure. In addition to technical data, Vendors must supply background information

about their own company's organization, size and financials. Vendors are expected to

indicate if their solutions offer the features / facilities listed out in this document.

STRUCTURE OF PROPOSAL RESPONSE

The vendors are expected to submit their responses in the structure detailed below,

SECTION 1: The Vendor Company’s profile, organization structure, service locations,

manpower strengths (including a categorized break-up of the manpower), the

organization history and past performance etc.

SECTION 2: Management Summary: This section should detail the following:

Introduction of the management team including educational qualifications and

experience.

Introduction and summary description of the proposed solution.

Reference Installations: Details of the locations / organizations with whom the

solution being offered is already in use, in case of part of the solutions being

deployed at such Sites, the components deployed with various details should be

mentioned. A test login id for some of deployments listed will help in

demonstration of the capabilities of the solution.

Confirmations that there are no legal / regulatory actions pending against the

management personnel.

SECTION 3 – Details of the Solution(s): This section seeks details of the solution

being offered.

Application name, utility, backward and forward integration possibilities.

[Type text]

Complete feature / facility list, the basic BOD inputs and EOD out puts from the

system.

Hardware, Operating System/ other support Software requirements – possible

options along with the possible combinations and the details of the performance

parameters expected to be achieved for various combinations.

In case of a joint bid, the responsibility areas of the joint bidders involved and the

overall responsibility of the primary bidder should be clearly demarcated.

The possible handholding support and training offered during and post

implementation along with the duration of the training should be indicated.

Implementation details including installation, integration, UAT and go live time

lines and resource / support requirements.

SECTION 4 – This section seeks to capture the complete technical details of the

proposed solution(s).

SECTION 5 – Functional / IT requirements of the solution offered.

[Type text]

DESCRIPTION OF SECTION 1 AND 3 OF THE PROPOSAL

SECTION 1 – Management Summary

(a) Introduction of the key management personnel.

(b) A summary of the proposed solution(s) being offered.

(c) Summary of the required hardware / network layout.

(d) Detailed information of the solution being offered along with the technical details of

each of the modules of the application. The interdependence / inter connectivity / of

modules as well as interoperability (or otherwise) with any other competitor’s product

should be clearly brought out.

(e) Reference sites

Please provide the following information for the proposed software:

The technical and performance details of the reference site where the solution is

presently deployed. The details should indicate the year of deployment, hardware

sizing, performance details, OS employed, database solution employed, the

solution structure and client end applications / utilities used for price feeds

display. Please indicate any other applications with which the offered solution has

been integrated at the reference sites.

A minimum of two references should be provided along with the contact details

like name, address of the organization / set up and contact number of the

personnel who can be contacted.

SECTION 3 – Details of the Proposed Solution

Vendor must provide the details of the solution being proposed. Each module / section

should be detailed separately.

This section should mention the basic feature list; add-on features available as well as

operational procedures for various modules.

Operational Requirements and Performance

The Vendor should provide details of operational requirements and the

performance parameter details of the application including but not limited to the

hardware sizing requirements for 1000, 5000 and 10000 concurrent user logins;

daily handling of 50000, 100000 trades and the peak message rate (order / trade

/ query) handling ability of the solution.

i. Upgrades and Documentation Provided

[Type text]

This section should describe the documentation which is supplied with each

module, and any procedure, methodology that will be adopted for updating the

documentation especially in respect of upgrading of the packages with error list

and/or enhancements.

ii. Module Synopsis

A brief summary / synopsis of each module including sample screen shots, input

and output formats should be provided here. Please include details of the add-on

modules being offered.

Vendors should detail the following for each module:

A list of desired features has been provided later in this document; vendors are

expected to confirm or indicate otherwise the availability of these features.

Vendors may also indicate the complete features of their application in addition

to the ones listed in this document.

Other product(s) modules that can be currently integrated with various modules /

solution.

Capability of the product / solution to interface with other products/modules

from another vendor which may be selected or may already be in use.

Level of dependence of the solution on other modules / applications like JVM.

In case any new releases are on the horizon, the feature list and expected release

date of the releases should be mentioned.

The type of integration (On-line, batch etc.) available / possible within the

modules of the solution and with external products (of other vendors)

[Type text]

TECHNICAL BID

VENDOR ORGANIZATION PROFILE

GENERAL

Company Name

Date of Incorporation

Holding Company or Parent Company (if any)

Shareholding pattern of the vendor company

List of Sister Concerns along with the business engaged in

List of subsidiaries along with the business engaged in

In case of foreign companies, Company’s India address

Contact details: Name, phone, fax and e-mail

Number of years in business

Authorized Account Representative

Address and Phone number

Please confirm if you have all regulatory registrations in place to undertake this line of

business activity.

[Type text]

FINANCIAL BACKGROUND

Annual Turnover for the last 5 years

Annual Net Profit for the last 5 years

Audited Financial Statements (Balance Sheet, Profit & Loss, Cash Flow Statement,

Segment Report (if any), complete with relevant Schedules and Notes to accounts) for

the past five years.

CERTIFICATIONS

Please provide details of any quality process certifications (e.g. ISO etc.) the organization

holds.

Any other certifications, please specify

STAFF

Total number of employees

Please provide a function-wise break-up of the number of employees,

Sales/marketing

Administrative staff

Research & Development

Implementation staff

Technical Support staff

Other

The details of the sales, R & D, implementation and technical support staff should

indicate the location-wise break up.

Is any litigation pending over the recent 3 years? If so, please provide details with

explanation.

Please also provide details of any claims/complaints/legal cases pending/received over

the last three years.

[Type text]

TECHNICAL SET UP

Provide a detailed architecture of the proposed solution. This should include but may not

be limited to:

The generic purpose of the application which could be trading engine application,

Backoffice application, DP operations application, Data centre hosting, Direct

Market Access, Disaster Recovery site.

Application architecture showing the interaction of different modules being

offered.

Backup & disaster recovery plan.

Possible fail over options.

Hardware sizing along with performance parameters expected to be achieved.

Network infrastructure details including ideal designs for optimum performance.

Possible IVR Integration details.

Possibility of integration with competing Backoffice solutions, account opening

solutions, AML solutions from other vendors.

Architecture schematic on the major components required to implement the product(s) /

solution should be provided. The details should include suggested hardware platforms,

OS, memory requirements, and all prerequisites for each component.

An indicative hardware and network sizing requirements for 1000, 5000 and 10000

concurrent user logins; daily handling of 50000, 100000 trades and the peak message

(order / trade / query) handling ability of the solution should be included.

Provide the following details with respect to all the system interfaces in the proposed

solution:

Name & nature of interface.

Is the interface available “off the shelf” or needs to be customized?

Details of client sites where these interfaces are currently operational.

Please detail the API s of the product that allows integrating, support

operational/reporting tasks and other B2B functionalities.

List any third party utility packages installed / deployed in the proposed solution and the

manner of intended use. Please mention the third party applications required to be used

at the client or dealer terminal end, please specify if the cost of such tools and their

licensing is included in the commercial bids.

Describe the control, data integrity, failover and information security features offered in

the solution, eg. access controls, audit trails, input and update mechanisms; system,

error and user access logs etc.

[Type text]

Describe the interdependence of the modules of the solution along with the nature of

interdependence and the possible constraints that may be faced during implementation

and operations.

A copy of any information security testing report of the application(s) (if any undertaken)

should be provided.

Please describe the interoperability of the solution / product. Which components can be

replaced by those of other vendor’s offerings? Which components of the application can

be used by or integrated with applications of other vendors, especially the BO, DP

operations and AML application?

Please indicate in detail the possible techniques / methodologies for interfacing other

vendor’s products / applications? The functionalities that are being considered include

(but are not restricted to) order routing, market feeds, investment advice, portfolio

trackers, technical and fundamental analysis data feeds, bank / DP payment gateways

etc.

What are the processes / procedures employed for pre testing, development of

additional (either due to regulatory changes or otherwise) features on a regular basis.

What are the timelines and methods of roll backs in case new versions / features failing

to work as desired?

Please indicate the nature and level of communication and other security supported by

the system?

Can the application be integrated for single sign on for bank, DP and trading accounts?

Please mention the client details where such integration has been provided.

Please indicate the possible options on two factor authentication and password

management by the client in the application.

How does the solution handle multiple sessions for same user ID?

Please detail the EOD and BOD processes for the solution. Details should include the

extent and methodology of possible automation, cross checks to ensure correct data is

used and proper action sequence is followed, the expected time taken for each of the

steps involved and the interdependence of procedures / steps involved in the BOD and

EOD processes. Please indicate if the trading engine solution has (can be modified to) the

capability / provision to store and recall past data / history.

Does the system restrict access to the transaction tables, funds / stock movement during

EOD? If access to transaction tables is available, please indicate the nature / extent of

access.

[Type text]

In case of multiple bank and DP integrations, does the application allow blocking of funds

and stock movement for each bank / DP independent of others?

Please detail the failover infrastructure suggested along with the nature of failover

handling and timelines, including the movement of exchange connectivity to secondary

connectivity, trade data download and restoration etc.

Please also indicate the possible DR features along with the infrastructure suggested and

the time lines for activation / shifting of operations to the DR.

Does the solution support mirroring of data to a backup server? If so please indicate the

delays in processing of transactions that may creep in on account of the mirroring of data

as well as the methods of data mirroring. What is the nature of the back up process?

Can EOD be executed for specific funds / stock payment gateways as well as a

consolidated job? Similarly, can BOD be undertaken for specific funds and stock payment

gateways as well as a consolidated job? Please detail the procedures involved.

Please detail the exchanges and exchange segments for which your organization is

empanelled as an application developer, trading engine / solution provider. Please

indicate if the various product features offered within the solution are pre-approved by

the exchanges or if exchange permissions need to be sought by us. Please confirm if you

have all regulatory registrations in place to undertake this line of business activity.

[Type text]

SUPPORT PROVISION

The vendor is expected to guarantee support including AMC and technical support for a

minimum of five years from the go live date.

Please describe the mechanism for reporting and resolution of errors, incidences, under

performance of the solution / application.

Please specify the nature of support offered, the availability of the support mechanism in

terms of timings through various days of the week, bank holidays etc. The contact details

and methodology adopted for monitoring the support requests logged.

What is the average & maximum response time?

Where would the support engineers offer their solutions for (our) infrastructure

set up based out of Mumbai?

How many releases / versions of the product are currently deployed at various

locations? Which of these are the most used? What are the differentiating factors

of these versions?

Please indicate the methodology / process and commercials, if any involved in upgrading

the application. Please separately indicate the handling of changes necessitated by

regulatory requirements and operational changes.

In case of customizations provided, how is it ensured that the future releases / upgrades

take care of the continuity of the customizations?

Please indicate the nature, duration and data size that can be used for initial pre-

deployment or UAT testing.

TRAINING & USER SUPPORT DOCUMENTATION

Please list which documentations are provided with the product(s)/ solution. Will these

documents be available for online downloads in case of modifications or new releases?

Will an implementation manual be provided to indicate the ideal hardware sizing,

architecture, and deployment diagrams?

Will operations related training to our ops team be provided? What would be the

duration and exact nature of such training? Will this be on site or offsite?

Will this training be repeated in case of change of operating manpower at our end? Where and for what duration can this kind of training/retraining be provided?

[Type text]

IMPLEMENTATION METHODOLOGY

Please indicate the various stages of implementation.

Describe how the solution will be deployed at our site? Please give a detailed installation

schedule / timelines with requirements that need to be fulfilled from our end.

How will the databases be sized and populated? Who will be responsible for porting of

existing data, especially the client database and trade data into the new trading engine

and back office solution?

What kind of support will be provided during implementation?

How many employees will typically be required at our site to implement the software?

What kind of skill sets will be required by these employees?

What kind of network access will be required for / during the implementation?

How will the vendor ensure successful implementation of the solution within the

stipulated guidelines? What kind of guarantees can be provided by the vendor to ensure

proper timely deployment of the solution and post deployment performance of the

solutions?

[Type text]

EXISTING DEPLOYMENT SITES FOR REFERENCE

Please provide references of deployment of the solutions being offered, indicate the

client details that you can share.

Name of the Organization:

Solution(s) deployed:

Client base on the application:

The approximate number of concurrent logins with a break up of web client logins,

dealer logins, and mobile phone based and client end desktop based logins with

additional facilities like technical analysis.

Approximate number of daily trades:

Name the funds and DP gateways integrated along with the nature of integration and

nature of the gateway lien or hot-payment.

Indicate the hardware sizing at the reference site and the nature of OS, database and

client end applications used.

[Type text]

DESIRED FUNCTIONAL REQUIREMENTS – TRADING ENGINE AND FRONT END

Please note the functional support / requirements listed below is indicative / desired and

not complete list.

CLIENT END SETUP

The system should provide setting up of various client categories as allowed under SEBI

regulations. It should also support the upload of details of various promoters, partners

etc. for a non-individual account holder. The system should be able to store various

documentary proofs of documents such as PAN, registration certificates, specimen

signatures etc. in electronic format for retrieval as and when required.

The KRA requirements for various product segments should be recorded and accessible

for controlling access to various product segments, features, facilities etc. All features

and facilities should be customizable (enabled/disabled/limited access) independent of

each other depending on the documentation provided / account opening terms accepted

by the client.

ASSET CLASSES

The following asset classes / segments are required to be supported by the system.

These asset classes / segment should be available as pick and choose add-ons to the

primary product (Secondary Market Equity) with an integrated Risk Management System.

Secondary Market Equity with various exchanges – Cash and Derivatives.

Currency derivatives.

Commodities trading.

Mutual Funds with RTA interface with all (six) transaction types viz. Buy / Sell /

Switch in / Switch Out / SIP / Systematic switch out plan enabled.

IPOs (please state if the client has online or offline access)– with an ability to

handling various permutations and combinations of IPO pricing and allotment

features as when these are introduced. The bidding process should extend to the

post closure error correction procedures and offer ASBA and non ASBA bidding.

All future regulatory changes need to be ensured a response by the vendor.

Offer For Sale (NSE & BSE).

Mutual Fund NFOs (Primary Markets)

Primary market Debt issuances (Bonds / NCDs)

Secondary market Debt segment – NSE & BSE.

Access to International Markets.

[Type text]

EXCHANGES

The system should be capable of supporting / integrating with the exchanges listed

below; the interface should provide for live prices, order entry – during and post market

hours, settlement etc. These exchanges and any other introduced in the future should be

available as pick & choose add-ons.

NSE

BSE

MCX

MCXSX

NCDEX

SME platforms of NSE and BSE.

Auction trade segment access on NSE & BSE.

Ability to integrate with a third party application for access to international

exchanges as and when required / allowed by the regulators.

DELIVERY CHANNELS & USER ACCESS

We need the following channels & access mediums to be provided for. The delivery

channels are not restricted to those listed below,

Online web client end access.

Online NRI trade access with specific NRI / PIS based requirements taken care of.

Dealer Terminals allowing trades on behalf of all or select client group.

Trade Over Phone / Call Center Support preferably integrable with TPIN based

IVR.

Investor Terminal (client terminals with access to only MFs, Bonds, IPOs etc. i.e.

non secondary market equity products.)

iOS support (iphone and ipad compatibility)

Android support for mobiles, tablets, phablets.

Desk top and mobile based application.

Multi Browser compatility with automatic screen resolution adaptability to

(including but not restricted to) Internet Explorer (version 6 and over till the

latest), Safari Mac, Safari, Mozilla Firefox, Google Chrome etc.

PRODUCTS / ADD ONS SOUGHT

Broker funded & NBFC funded margin funding for select scrip/ scrip group

/ clients / client group.

3 legged margin plus with trailing stop loss.

Intraday Derivative orders – with adjusted margins.

Cross margining for Derivative positions.

[Type text]

Smart Order Routing – between multiple exchanges along with automatic

routing of reverse orders in case of square off orders.

PTST/ STBT trades facility with related controls / facilities on client DP end.

Intraday / Delivery trade types with variable margins / margin baskets

based on scrip groups, scrips, trade type, client group etc.

Minimum / Maximum Transaction size control based on order quantity,

order value , brokerage value, scrip group, client group etc.

Multiple client groups / product groups / client profiles / auto square off

profiles / multiplier profiles / cash & carry product type / post trade

payment - or a combinations of these.

Automated PTST / STBT / funded trade stock monitoring for hold / release

/ sell - with complete integration with client end utility and BO application.

Call auction and continuous trade based transactions – including those on

the SME exchanges should be handled efficiently.

Adjusted margin requirements based on contra postions in the derivatives

segment.

Multi parameter (time, MTM, scrip specific, scrip group specific, trade

type, client group etc) based automated square off options.

Cutomised calculations and display of buying power, selling power, funds

availables, stocks available, net postions etc.

Funds / Stock pooling from multiple accounts for trading.

Details of PTST & STBT positions carried forward should be available on

the client end, especially the quantity and price of the first leg transaction.

Multiple extended products on each basic product type should be

allowed. E.g. an actual delivery trade should be allowed alongwith a

broker funded delivery buy trade or intraday purchase / sell – with the

application being able to handle each position independent of the other.

Live chat between Risk Management terminals and clients / dealers with

history of the messages exchanged.

Client’s requests for subscription to/ acceptance of T & C of various

additional features /products/ facilities should be accepted on line with

relevant downloadable event logs being available in the history for audit.

Scrip Basket creation and trade execution at client / Dealer end.

Ability to allow (handle) Cash & Carry as well at Pay at EOD multipliers.

Good Till Cancellation orders (Internally).

Equity SIP.

ETF SIP.

3 legged margin plus.

Any other algos, add on trading features approved for Retail clients.

Offline Mutual Funds – in single log in – access based on client profiles and

confirmation of MF KRA status of the clients.

[Type text]

IPO / MF NFO and primary market bonds and NCD offerings – with

printing of physical application under client PoA wherever required.

Multiple cutosmizable market watches with sufficient scrip details like

market depth, 52 week high-lows, corporate actions due, day high-low,

detailed technicals with sufficient technical indicators, face value etc.

Scrips / market watch displays should be allowed to be vertically or

horizontally aligned.

Order routing and other short cuts using the function keys.

Security contract information should be available at client end.

LTP, volumes, %tage movement, spread and arbitrage watch alerts should

be available.

Buying / Selling / Square offs / product conversion options should simple

to use and access.

Derivative chain view, Filtered profile market-watch, tiles / cascaded

market watch should be available.

Buying and selling power capacities display and calculations should be

customizable.

The client assignment table on the supervisor terminal/ display of client

list on the dealer terminal should indicate if the client is in active /

dormant status.

The client end display should be capable of viewing filtered messages e.g.

trade / order confirmations, notifications, indices ticker, administrative

mesages or Risk control related messages, invenstment advise or select

scrip ticker displays.

Client should be able to view client Margin, trade book, view directly DP

holding and Sell stocks by simply clicking DP holdings, view obligation

report, order book , NetPosition (equity, derivative and other products

integerated), exercise book in case of derivatives, derivatives calcultors for

profit / losses on current positions, derivatives – cash arbitrage

opportunities, initial & VAR margin reports, list of scrips allowed for

broker funding, intraday square-off stock list, F&O scrips with details of lot

size, banned scrip list, list of stocks disallowed for NRI positions, trade for

trade scrips, client profile (indicating the facilities / products allowed to

the client, brokerage rates etc.), client’s portfolio as a combination of DP

holding and past transactions details and similar other stock lists refered

to by clients in normal course of dealing etc.

Function keys should display NSE & BSE auction enquiry, most active

securities, top gainers and losers, market status etc.

DP holding display should be flexible to allow single stock, multiple stock

or all stock for lien marking / pledging / margining etc.

[Type text]

Multiple auto square-off profile should be available for creation at

administration level.

Dealer terminals should be configurable for various rights like client

mapping, lien marking rights for various banks and DPs, branchwise /

regionwise clients, group of clients etc.

Creation of products / facilities valid only for a certain duration, day, days

etc should be allowed with a auto revert / cancellation of the facilities on a

certain date.

Option to buy-sell order box activation through F1 – F2 and (+) – (-)

Access to CA1, CA2, PCA, SCA, SM with IOC, intraday,GTC,post closing and

stop loss orders – all with price limits or market price options wherever

relevant.

Dealer should be able to make bulk order entries for multiple clients

simultaneously – through a pre created order file.

Users – clients and dealers should be able to create scrip baskets including

the normal Nifty and Sensex baskets for execution.

Execution of bulk orders should be possible through the NEAT and BSE

terminals.

Square offs should be allowed to be run from Dealer terminal – with a

overall centralized square off being allowed to be executed from main

administrator terminal.

Collaterals should be valued on real time basis for buying power and MTM

calculations.

Credit for client’s sell transactions should be configurable for different

products based on the nature of the product and trade settlement.

Derivative segment margins should be customizable allowing for collection

of additional margins.

Equity segment margins should be allowed to be based on VAR margins,

simple multipliers, additional margins for various client groups

simultaneously.

New client addition / removal / client facilities, rights & product

subscribed to by clients should be instantly changeable during trading

hours in live environment – either at the online request of client or

through administrative control with a proposer – approver confirmation.

Dealer addition / removal / dealer rights should be modifiable instantly

even during trading hours on real time basis with a proposer – approver

confirmation.

Client funds account / DP account modification / deletion / blocking

should be possible during trading hours on real time basis with a proposer

– approver confirmation.

[Type text]

Various user rights / privileges should be modifiable or completely blockable during trading hours on real time basis.

Margins / funds / buying power should be available as pooled or segementwise separately depending on the client group / profile. Various client groups / profiles should be available and customizable. This will also imply administrator being able to observe and act on a client’s positions in various products simultaneously.

Provision for blocking a certain fixed percentage of the total options / intraday / futures volume should be allowed.

Collateral benefits should be optionally allowed for select products, segments or client groups only.

Minimum withdrawable / unlienable amount should be customizable.

Risk managers/ administrators should be allowed to control square off modes for all products, monitor pending orders, in process orders, allow cancellation of such orders, manage the scrip and market watch numbers at client end, broadcast message to select clients, client groups, users, define haircuts, view client collaterals, obligations; maintain audit trail for client / dealer and other user activity including log ins, log in IPs, dealing activity, product conversions, funds and stock transfer activity, trading and other activity logs, position wise date wise obligations etc.

Administrator should be able to control and set the market open – close, maintenance mode timings, square off timings, monitor and control in real time the client activity and client privileges and rights, change the margin requirements etc.

History should be maintained for client activity, trade logs, violation alerts, MTM, net positions, booked profits/ losses, funds and DP lien/ transfer activity, client logins, PTST / STBT activities, adhoc cash reports – alerts, trade summary, trade modifications, product conversion logs, trade volumes, intraday positions remaining open for various reasons etc.

Clients should have options to initiate squareoff for in-the-money positions, all positions, certain scrips, certain groups of scrips etc.

Vendor will be expected to customize various parameters like buying / selling power, withdrawable cash, unlienable / unpledgable stocks, derivatives margin blocked etc.

RISK CONTROL / CLIENT ACCESS CONTROL

The system should enable grouping of clients in various categories based on client

features, trading preferences, segment access, product features and pricing. Solution

should also support configuration of access to various stock exchanges, product

segments and products as per the client’s requirement / preferences as well as to various

delivery channels. All relevant risk control measures to manage the features / facilities

listed above should be available.

[Type text]

DESIRED FUNCTIONAL REQUIREMENTS – BACK OFFICE & DP OPERATIONS

SOLUTION

Please note the functional support / requirements listed below is indicative /desired and

not complete list.

The solution should allow multiple demat and bank accounts to be tagged to a

trading account – with all funds and stocks transfers reflecting as a cumulative

figure in the trading account.

The solution should capture all the details of the client’s accounts including the

ones required to ensure smooth modern day banking and identification. E.g. IFSC

& RTGS code, Bank branch code, PAN number etc.

The solution should provide for updation of client limits based on the cheque

details provided by various users or based on input files giving NEFT / RTGS details

– should be able to reconcile between the bank credits and the entries made in

the back office solution.

Following general facilities amongst others are expected,

o Bulk and manual (single) upload of journal entries.

o Bulk and manual (single) upload payment and receipt entries.

o Maker – Checker concept for operations.

o Automated reconciliation of bank and DP accounts.

o Preparation and printing of cheques, vouchers, trial balance, balance

sheet.

o Acceptance of pay out request for offline clients from branch terminals.

o Generation of Payout request files – bank wise, branch wise, channel wise

etc.

o Accounting of client margin amounts in sub accounts.

o Automated SEBI payout process for funds as well as Stocks.

o Automated Exchange reconciliation.

o Automated dividend payouts based on corporate action details.

o Automated Delayed Payment Charges based on customised parameters

such as start day, end day for interest charge, interest rate, client / scrip

category etc.

o MIS reports regards Service tax payable, Statewise Stamp duty,

segmentwise / branchwise brokerage, turnover, exchange reporting,

statutory collections from retail and institutional segment separately,

aging report, balance sheet, trial balance etc.

o Auto updation of ISIN, new Scrips, & Settlement numbers.

o Client-wise Profit and loss statement for Cash & FO segment

The solution should be able to generate various files in customised formats for

EOD / BOD as required by various associate banks and payment gateways. These

[Type text]

formats will depend on the trading engine being employed at the end of this RFP

process.

There should be a provision to encrypt files for email transmission to associate

banks / payment gateways.

FNO margin details should be exportable to a file.

There should a provision for charging brokerage either inclusive of statutory

levies or exclusive of statutotry levies.

Funds / Stocks received from third party accounts should be flagged.

The solution should net out the PTST positions of a client while calling stocks from

the client’s DP account for the settlement of delivery sell transactions.

Stocks and Funds calling files will need to be customised based on the counter

party banks – DPs accepting the files.

The solution should be able to record the carried forward PTST positions of clients

– so as to provide selling rights to clients for their carried forward PTST trades.

Only stocks sold in Delivery Product should be called for from the client’s DP

towards pay- in obligation.

The holdings of IDBI Caps DP clients who have provided PoA should be uploaded

/ updated in the BO system -based on a file generated / provided by DPM (NDSL

output).

Similarly pay-in obligation files to consider the stocks lying in the IDBI Caps’s client

beneficiary account against client sell obligations for each settlement.

The NSDL / CDSL transaction statements for pay ins on a specific date should be

accepted for upload and reconciliation in the BO system – this will enable reports

giving clientwise / scrip wise pay-in / shortage details. Any client position

shortfalls should be classified as either on account of PTST trades or on account of

delivery sell trades by clients.

The pay in shortages should be extractable for either a specific settlement

number (exchange wise) or for a settlement / trade date (exchange wise).

The shortage reports should indicate the branch, channel (online / offline) and

the product (as reflected in the front end) used by the client to transact (sell).

Preferably Stock payout markings should be on the settlement day through

Statement of Transaction (SOT) and exchange pay out files. Alternatively, Internal

stock obligations should marked to the receiving client in the BO system. The

actual movement of such stocks should be executed vide a file on the settlement

day.

Upload facility should be available for the files received from the exchanges for

settlement pay outs to clients.

In the pay out process, the clients who have sold the stocks bought in a

settlement for sell in the later settlements should be accorded priority for stock

pay out markings;. the next priority should be based on the pay out quantities -

the lowest quantities being marked first.

[Type text]

Securities pay outs to clients to be calculated in 3 steps, Step 1: Pay outs of offline

clients to be retained in IDBI Caps client beneficiary account. Step 2 : Online

clients who have opted for broker funding - ledger balance of T+2 day should be

considered i.e. stocks to be released only if the T+2 funds balance is in credit

(client has positive funds balance on T + 2), in case of debit stocks to be retained

in the IDBI Caps client beneficiary account. Step 3 : Other online clients - T + 1

ledger balance should be considered, in case of a debit hold stocks to the extent

of 150% of the ledger debit (Higher priced scrips to be held first). Stocks to be

released in case of a credit balance on T + 1 day.

Stocks held back in the IDBI Caps client beneficiary account should be released to

clients based on the T + 2 day ledger balances in online client's accounts - stocks

to be released in case of credit balance and further held back in case of a debit

balance. Further, Stocks transferred by online clients for margin purpose should

be held back in IDBI Caps client beneficiary account irrespective of clear ledger

balance.

In case of offline clients - stock pay out process will be, Step 1: To check for clear

ledger positions i.e. All uncleared funds receipt should be considered as debits.

Step 2: To check whether stocks payin for uncleared settlements has been

received and there are no shortfalls.

All files for transfer of stocks are either uploaded in Speed-e or routed through DP

Back Office. BO system should be able to generate these files for DP (such as

Inter-Settlement transfer, Payout transfer from Pool a/c to client's demat

account, Inter-depository transfer, Pool to Pool transfer etc.)

SPICE files for upload of payin obligation through NSDL facility should be

generated through BO system.

SPICE Client Registration file should be generated from BO System for upload in

NSDL. SPICE Registration should be flagged in Client Master in BO System.

Auto marking of stocks received from clients in IDBI Caps client beneficiary

account should be done on upload of SOT in BO System.

BO system should have the facility to update and store (datewise) the closing

prices for stocks on upload of price file received from exchanges - NSE & BSE

separately.

VAR margins should be uploadable into the BO system.

The DP application should be capable of identifying the blocked stocks on account

of RGESS, pledge etc and allow sell of only free stocks.

All file formats as required by the front office should be available in BO.

In case of margin benefits, the eligible stocks should be available for pick and

choose or be based on the choice a exchange / scrip group etc.

There should be a facility for online pledging / unpledging of stocks for stock

margining.

[Type text]

Stock transferred by a client in excess of his pay in obligation should

automatically be available for sellling.

Automatic reconciliation between BO and DP application.

Provisional Debit with certain mark-up % for short delivered shares on T + 2 day

should be provided for.

Auto posting of auction debits & close outs based on exchange files for pay-in /

payout shortages.

Auto posting of close outs for internal shortages - based on various parameters

which may be specified from time to time.

Auto allocation of bonus, split, mergers, amalagamations etc. for shares held in

Pool a/c and client beneficiary account.

Auto posting of partial internal / partial exchange shortages- based on various

parameters which may be specified from time to time.

The DP and BO application should be capable of handling the OFS pay in and pay

outs (as a bulk seller / CM) and OFS transactions on retail and institutional

segment.

Reports expected to be available,

o Contract Register

o Client details based on client segment, active, inactive, a/c opening dates

etc.

o Contract notes (apart from normal trading)for auctions, shortage and

close out settlements.

o Client wise Ledger balances (including / excluding margin money) .

o Beneficiary holdings for one client, select clients, client groups.

o Stock valuation statements as of a given date should be available for each

client account, group of client accounts etc.

o Client portfolio tracker.

o Report detailing the clientwise stock movement (pay-in / pay out) for each

settlement along with the current holding of the client in various demat

accounts should be available.

o List of PoA enabled DP accounts.

o Ageing report for client holding in DP account.

o Demat register / transaction report for pool / client beneficiary account.

Client funding report in a format as required to be sent to exchanges.

Flexible database structure to handle changes in exchange / regulatory

requirements.

New client creation through a single record entry or file upload, UCC file

generation for multiple exchanges and acceptance of return file from the

exchanges.

Facility to send Welcome letters and user id and password confirmation letter to

new clients added to the data base should be generated by the system. Letters

[Type text]

should be generated either based on date of creation of new clients, channel,

branch or client code range.

Uploads for holding, transaction and change order details through a file,

automated holding and transactions reconciliation with NSDL / CDSL.

Effective, efficient, fast integration with NSDL / CDSL systems.

Ability to capture online (from branches and clients) / offline requests for stock

transfers and pledge requests.

Processing of Demat and Remat requests with maker - checker capability – with

user and activity logs being maintained.

Maker – Checker capability for all activities.

Properly controlled DIS issuuance procedure with report generation ability and

maintaining event logs.

Capability to block and alert about lost DIS report, lost physical shares etc.

Capability of accepting and maintaining records for email and fax requests from

clients.

Double checks and automated alerts for high valued transactions – high value

deifinition to be customizable at supervisor level.

Double checks and automated alerts for dormant client requests – dormant client

definition to be customizable in terms of number of days of inactivity.

Ensure unique DIS numbers in the system – capability to ensure same DIS slip

can’t be entered / accepted more than once for execution – DIS reported lost not

to be accepted.

Alerts for requests / instructions regarding blocked / suspended / delisted ISIN

numbers, notified share certificate numbers etc.

Payment / Receipt entries in single and bulk mode, journal and debit voucher

entries.

Bank statement uploads into the DP system, automated bank reconciliations.

Generation of regulatory statements – including AML alerts, service tax payable

statements, monthly billings, charge statements, transactions statement with

emailing facility.

File formats for charges being debited to trading accounts or direct debit to banks

accounts.

DP operations solution to have capability to generate holding statements as on

certain dates with stock valuations prevailing on that day.

Client transaction statements for a duration, for an entire FY, for a scrip or as

combination of these parameter etc.

Automated generation of emails / letters addresed to client for any changes in

client details like address / nomination, email and phone number etc.

Creditors / debtors aging reports for 15, 30, 45, 60, 90 and 180 days overdue.

The BO solution should allow generation of contract notes during the trading

hours for institutional clients, splitting of large quantity scrip trades into various

[Type text]

sub accounts (MF schemes) – based on client instructions, generate trade

confirmation reports.

Nifty / Sensex basket trades should be allowed to be split into sub accounts (MF

schemes) based on quantity or value.

Allow printing of contracts not printed or reprint all contracts.

Allow modification of brokerage rates or allow charging of brokerages for a

specific trade – as a percentage of transaction value or total brokerage amount

(either inclusive or exclusive of statutory levies).

Brokerage rates should be customizable as inclusive or exclusive of statutory

levies – STP files should reflect the details accordingly.

Clients classified as institutional should be allowed separate billing instructions.

Brokerage reports should classify amounts as institutional / retail or based on

other client classifications – the trial balance and balance sheet should reflect this

classification.

Brokerage slabs for intra day trades should optionally be or not be applicable to

trade for trade stocks.

In case of institutional trades the client confirmation files should be customizable

based on various parameters / formats.

Generation of STP supporting files.

Posting charges to custodians based on the transaction details should be

automated.

Data / format for PCODE, OTR , RC, 6A and 7A reporting.

MIS reports for summary and detailed brokerage – gross / net.

Contract Register generation.

Generation of payment notes for DVP trades.

Service Tax, STT, Stamp Duty, Transaction charges and SEBI turnover reports to

differentiate between retail, institutional, proprietary and other client categories.

Contract generation and billing of OF trades with option for T + 1 and T + 2

settlements.

Clientwise 10DB forms / STT reports generation option.

Customizable service tax reports for different clients.

Debit notes for brokerage collections for cash and derivatives institutional trades.

Debtors aging report to provide summary and details for various client

classifications retail, proprietary, institutional etc.

Brokerage summary / details for day /month/ year based on the terminal / dealer

from where trades are executed should be available. This should in turn enable

the grouping of dealers to branches, regions or other groups and enable

brokerage groups.

Brokerage sharing based on the channel, associated bank, introducing business

associate etc. should be calculated for a particular period after taking into

account a pre defined priority sequence for sharing.

[Type text]

The client database should have a specific identifier for associate bank channel,

brokerage plan, introducer name etc. – this should be apart from the family code

and other classifying parameters used.

A facility offering back ended brokerage discounts based on volumes, business

duration such other parameters or a combination of parametes should be

available.

MARKET INFORMATION

The solution is to provide clients access to secondary market equity and derivatives

trades on various exchanges. The solution should provide clients with a configurable

access to market parameters like bids and offers, bid quantities – offer quantities, last

traded prices, day highs – day lows etc. The client should be able to place / modify /

cancel orders, view / square off trades etc.

The solution should provide add-ons like live charts for technical analysis, broadcast of

investor advice etc. The solution should be capable of integrating with third party

products for research and analysis of news and decisions that can be viewed by clients.

The solution should be capable of handling low internet bandwidth access, client end

access through a desk top executable, quick resolution of loss of connections due to

various reasons; please specify the methodology and timelines expected for resolution of

connection losses.

RISK MANAGEMENT

The solution should be capable of allowing clients with limits / capital management

based on multiple parameters; should be capable of monitoring trades, orders,

exposures etc. on real time basis. The solution should be able to interface with

exchanges for VAR margin files and margin calculations using SPAN files.

The solution should provide support for configuration for additional margins for the

derivatives positions of clients over and above the standard margins as defined by the

exchanges. Solution should also allow interface with multiple banks and depositories to

block and lien mark the cash and stocks for trade or margin. Each client should be

allowed to transfer / lien mark funds / stocks from more than one bank / DP service

provider simultaneously. The pay outs may however be consolidated to one primary

account. The application should be capable of taking care of the trading requirement of

NRI client based on the prevalent regulatory guidelines.

The solution should be capable of monitoring real time mark to market valuations as well

as EOD MTM of positions held by clients. There should be a possible facility to send out

automated trade alerts to the client vide an email or SMS.

[Type text]

In case of any scrip specific, sector specific or general market related volatility, the

system should also help the Risk Managers with manual or MTM based Square off for

selected clients, selected scrip, select sectors / segment or selected transaction types or

a particular or selected position(s). The system should also provide various reports for

margin calculations for back office as well as for client end use. The intraday derivatives

margin files should be optionally pushed into the system without affecting the status of

the market i.e. without having to put the market off.

CLIENT END FEATURES

The solution should also provide end clients with reports not restricted to those

mentioned here such as trade book, order book, margin requirements, net positions, net

worth view, ledger statement, trade positions (net as well as gross) for earlier dates, cost

of holding, net P&L, MTM profits & losses etc. The system should also provide interfaces

with multiple banks and DP participants for end clients to transfer / lien- in/out their

funds / stocks for trading and separately for margining. The indicative list has been

provided earlier in this document.

BACK OFFICE SOLUTION WHEREVER OFFERED BY THE VENDOR

The solution should provide setup of multiple levels of brokerage packages for various

customer categories, date range based, days based, trade type based and scrip basket

based. The brokerage schemes should include but should not be restricted to those

based on flat fee, transaction fee, volume based, value based, discount packages,

advanced brokerage schemes, number of trades based or one-time fee for end clients.

The back office solution should provide trade processing & reconciliation facilities for all

the stock exchanges and asset classes. The system should be capable of interfacing with

clearing corporations and depositories for settlements of various products with support

for multiple non synchronous settlement cycles. The solution must also be capable of

interfacing with depositories for corporate actions.

The back office solution must be capable of maintaining various operational parameters

such as holidays for banks, exchanges, swift codes etc.

The solution should be able to provide for various reports for settlement of cash, stock,

trades as required by the operations team. Since this RFP is primarily for the trading

engine, the BO solution details / features may be provided by the vendor and based on

the capabilities and benefits of single vendor for front end and back office system,

detailed discussion on the BO applications will be taken up with the vendor.

The BO solution must include accounting support for all transaction activities which

involve inflow / outflow of money. System must also provide various reports not limited

to balance sheet, P&L, stock ledger, cash ledger etc. whether ERP accounting module is

[Type text]

built and integrated in the application for broking and other financial accounting

requirements of the company

DISTRIBUTION OF TPP

The solution should be able to integrate with other front office and back office solutions

for third party products like MFs, bonds, IPOs etc. The system should be capable to

interfacing with various RTAs for client transactions.

COMMERCIAL BIDS

The commercial bids should clearly state the offer prices of various modules of the

offering. Any add-ons being offered at an additional cost should be clearly indicated as at

extra cost with specific cost details. The prices should separately indicate all the levies.

The AMCs, wherever payable should be indicated with a clear mention of as to starting

when the AMCs will be and the basis of calculation of AMCs.

In case a vendor offers more than one pricing / payment structure, the terms and

structure of each pricing model should be clearly indicated. It should also be clearly

mentioned if a combination of various pricing modules is acceptale for different modules

of the solution.

A typical pricing detail should include,

1. Base unit for pricing (Trades/concurrent logins/licenses etc.)

2. Unit Range(s) – Pricing.

3. Other One time costs

4. Annual Maintenance & technical Support Costs.

5. Any other costs.

6. Applicable taxes.

The priced add-on(s) if any should also be priced individually based on various

parameters involved.

[Type text]

EVALUATION CRITERIA

TECHNICAL EVALUATION CRITERIA

The Technical Bids shall be evaluated based on the following parameters,

S.No Evaluation Parameters Weightage i) Front Office 25% ii) Risk Management 20% iii) Back Office Solution 20% iv) Ease of Integration 10% v) Financial track record of the Vendor 10% vi) Go Live timelines & commitment 15%

FINANCIAL EVALUATION CRITERIA:

Costs for 5 consecutive years of operations will be used for evaluation.

The technical parameters will carry a 70% weightage while the commercials will carry a

30% weightage.

[Type text]

TERMINATION OF CONTRACT:

IDBI Capital shall have the option to terminate work-order without assigning any reason thereof, in whole or in part by giving the bidder with 90 days prior notice in writing. The bidder shall not have any right to terminate the agreement entered into subsequent to this RFP, for convenience

IDBI Capital shall reserve the right to cancel the contract in the event of happening one or more of the following Conditions:

- Delay in deploying the resources

- Serious problems in quality of resources deployed

USE OF CONTRACT DOCUMENTS AND INFORMATION

The Supplier shall not, without IDBI Capital’s prior written consent, disclose the Contract, or any provision thereof, or any specification, plan, drawing, pattern, sample or information furnished by or on behalf of IDBI Capital in connection therewith, to any person other than a person employed by the Supplier in the performance of the Contract. Disclosure to any such employed person shall be made in confidence and shall extend only as far as may be necessary for purposes of such performance. The Supplier will treat as confidential all the data and information about IDBI Capital, obtained in the execution of his responsibilities, in strict confidence and will not reveal such information to any other party without the prior written approval of IDBI Capital SUBCONTRACTS The Supplier shall not assign to others, in whole or in part, its obligations to perform under the contract except with the IDBI Capital’s prior written consent. The Supplier shall notify and obtain concurrence from IDBI Capital in writing of all subcontracts/ Franchisees awarded under the Contract, if not already specified in the quotation. Such notification, in the original quotation or later, shall not relieve the Supplier from any liability or obligation under the Contract. Subcontracts / Franchisees must comply with the provisions of Terms & Conditions of the contract.

APPLICABLE LAWS

The Contract shall be interpreted in accordance with the laws prevalent in India. COMPLIANCE WITH ALL APPLICABLE LAWS: The Bidder shall undertake to observe adhere to, abide by, comply with and notify IDBI Capital about all laws in force or as are or as

[Type text]

made applicable in future, pertaining to or applicable to them, their business, their employees or their obligations towards them and all purposes of this RFP and shall indemnify, keep indemnified, hold harmless, defend and protect IDBI Capital and its employees/ officers/ staff/personnel/ representatives/ agents from any failure or omission on its part to do so and against all claims or demands of liability and all consequences that may occur or arise for any default or failure on its part to conform or comply with the above and all other statutory obligations arising there from. COMPLIANCE IN OBTAINING APPROVALS/PERMISSIONS/LICENSES: The Bidder shall promptly and timely obtain all such consents, permissions, approvals, licenses, etc., as may be necessary or required for any of the purposes of this project or for the conduct of their own business under any applicable Law, Government Regulation/Guidelines and shall keep the same valid and in force during the term of the project, and in the event of any failure or omission to do so, shall indemnify, keep indemnified, hold harmless, defend, protect and fully compensate IDBI Capital and its employees/ officers/ staff/ personnel/ representatives/agents from and against all claims or demands of liability and all consequences that may occur or arise for any default or failure on its part to conform or comply with the above and all other statutory obligations arising there from and IDBI Capital will give notice of any such claim or demand of liability within reasonable time to the bidder.

PATENT RIGHTS:

The bidder has to ensure that there is no infringement of copyright, patent, trademark, industrial design rights, etc. arising from the use of the software/ hardware or any part thereof in India. In the event of any claim by a third party, the Bidder shall act expediously to extinguish such claim. If the Supplier fails to comply and IDBI Capital is required to pay compensation to a third party resulting from such infringement, the Bidder shall be responsible for the compensation including all expenses, court costs and lawyer fees. IDBI Capital will give notice to the Bidder of such claim, if it is made, without delay.

FORCE MAJEURE:

If the performance as specified in this order is prevented, restricted, delayed or interfered by reason of Fire, explosion, cyclone, floods, War, revolution, acts of public enemies, blockage or embargo, Any law, order, proclamation, ordinance, demand or requirements of any Government or authority or representative of any such Government including restrict trade practices or regulations, Strikes, shutdowns or labour disputes which are not instigated for the purpose of avoiding obligations herein, or Any other circumstances beyond the control of the party affected, then notwithstanding anything here before contained, the party affected shall be excused from its performance to the extent such performance relates to prevention, restriction, delay or interference and provided the party so affected uses its best efforts to remove such cause of non-

[Type text]

performance and when removed the party shall continue performance with utmost dispatch.

If a Force Majeure situation arises, the Bidder shall promptly notify IDBI Capital in writing of such condition, the cause thereof and the change that is necessitated due to the conditions. Until and unless otherwise directed by the Company in writing, the Bidder shall continue to perform its obligations under the Contract as far as is reasonably practical, and shall seek all reasonable alternative means for performance not prevented by the Force Majeure event

RESOLUTION OF DISPUTES

In case of Dispute or difference arising between IDBI Capital and a Bidder relating to any matter arising out of or connected with this agreement, such disputes or difference shall be settled in accordance with the Arbitration and Conciliation Act, 1996. The Arbitrators shall be chosen by mutual discussion between IDBI Capital and the Bidder OR in case of disagreement each party may appoint an arbitrator and such arbitrators may appoint an Umpire before entering on the reference. The decision of the Umpire shall be final. Arbitration proceedings shall be held at Mumbai, India, and the language ofthe arbitration proceedings and that of all documents and communications between the parties shall be English; Notwithstanding anything contained above, in case of dispute, claim & legal action arising out of the contract, the parties shall be subject to the jurisdiction of courts at Mumbai, India only.

Any notice given by one party to the other pursuant to this Contract shall be sent to the other party in writing or by fax and confirmed in writing to the other party’s specified address. The same has to be acknowledged by the receiver in writing. A notice shall be effective when delivered or on the notice’s effective date, whichever is later.

request for proposal - idbi capital2013. 11. 1. · online trading engine , back-office software...

Documents